As the coronavirus begins to gravely effect the economies of various nations around the world, as well as the global economy, analysts are issuing bleak outlooks for 2020.
"It is very likely that this year the global economy will experience its worst recession since the Great Depression, surpassing that seen during the global financial crisis a decade ago," stated International Monetary Fund's Chief Economist Gita Gopinath in the latest World Economic Outlook report.
Many countries are becoming more open to relaxing social distancing and lockdown measures, only if it means their economies will be working again. Some European countries have begun to open on a lesser scale, with Italy opening book and children's stores and Denmark restarting schools for children under 13.
The United States also is more than eager to restart their economy, with President Donald Trump said that his administration has begun planning an economic restart plan, with some states poised to reopen as early as May 1.
However, Dr. Anthony Fauci, Director for the National Institute of Allergy and Infectious Diseases and Health Advisor for The White House Coronavirus Task Force, said on Tuesday that the United States lacks the critical testing and tracing procedures needed to begin reopening the nation's economy.
"We have to have something in place that is efficient and that we can rely on, and we're not there yet," Fauci stated in an interview with The Associated Press.
Total Global Cases: Over 1.9 Million
Total Deaths: At Least 130,000
Total Recovered: At Least 500,000
Reopening Guidelines
California Governor Gavin Newsom unveiled a guideline for when and how his state will reopen its public functions and economy on Tuesday. Newsom was the front United States governor to issue statewide stay-at-home measures on March 19. Now, in partnership with Washington and Oregon, California is the first state to release their public reopening plans.
"As we contemplate reopening parts of our state, we must be guided by science and data, and we must understand that things will look different than before," Newsom stated during his Tuesday press conference.
Newsom outlined that California will begin reopening measures only when the state has the ability:
- To monitor communities through testing, contact tracing and isolating those who are positive for COVID-19 or exposed
- To prevent infection in people who are at risk for a more severe case of COVID-19
- For hospital and other health systems to handle surges
- To develop therapeutics to meet demand
- For businesses, schools, and child care facilities to support physical distancing
- To determine when to reinstate certain measures, like stay-at-home orders
Vaccine Check-Up
Johnson & Johnson
The World Health Organization disclosed that there are 70 coronavirus vaccines in development worldwide, with three candidates already testing in human trials.
The three companies that are leading in the vaccine race are China's CanSino Biological, and the United States' Moderna
Progress towards a potential cure has become a worldwide effort, as many drug makers try to shorten the usual timeline to introduce a vaccine to the public as soon as possible. Scientists and health experts cation that a vaccine takes 12 to 18 months to be proven safe and effective for mass use.
